- Power of attorney - 1 Update
| trader4@optonline.net: Oct 19 11:07AM -0700 On Sunday, October 14, 2018 at 5:31:02 PM UTC-4, Michael Black wrote: > The taxman gets some of it. They actually come first. Though what you > state the money should be used for may cut the amount that taxes take > away. In most states, for many people there is no tax. The federal estate tax only starts in the millions. And many states there is no tax if it passes between spouses or from a parent to a child. If it passes from to a cousing, niece, etc then there is a good chance there is some state tax. > If you don't have a will, then a judge has to step in and figure things > out, likely a long argument from remaining relatives over who should get > money, and how much. Who gets how much is spelled out in state law and there usually isn't a big fight, unless it's a big estate and who is or isn't a relative is a subject of debate. If a person dies intestate with a modest estate, has just a brother and two children, it's a simple process, it's speled out by state law. With a will, you could leave it all to one or divide it up as you see fit. The other document that all people should have is a document that spells out there wishes regarding medical treatment, if they become incapacitated. That specifies who has the power to make decisions for them and whether they want all measures taken to sustain them or not. |
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